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Omega Oil & Gas Limited ( (AU:OMA) ) has shared an announcement.
Omega Oil and Gas Ltd has confirmed the commercial potential of its Canyon Sandstone reservoir, with SLB’s modelling indicating a significant Estimated Ultimate Recovery (EUR) from a single horizontal well. The Canyon Sandstone is highly overpressured and extends over a wide area, suggesting large volumes of oil and gas could be produced. This development positions Omega favorably within the industry, as the proximity to infrastructure lowers the commercial threshold for resource development. The company plans to further delineate areas of high reservoir quality and expand its work program to capitalize on this promising opportunity.
The most recent analyst rating on (AU:OMA) stock is a Buy with a A$0.64 price target. To see the full list of analyst forecasts on Omega Oil & Gas Limited stock, see the AU:OMA Stock Forecast page.
More about Omega Oil & Gas Limited
Omega Oil and Gas Ltd is a company focused on the exploration and development of oil and gas resources. The company is currently working on its 100% owned Canyon oil and gas project, which is situated in the Taroom Trough and aims to exploit the potential of the Canyon Sandstone reservoir.
Average Trading Volume: 371,820
Technical Sentiment Signal: Buy
For a thorough assessment of OMA stock, go to TipRanks’ Stock Analysis page.